help with half of a finance quiz

Jul 7th, 2015
Business Finance
Price: $10 USD

Question description

1. What interest rate would I have to earn to triple my money over a 10 year period?  Assume annual compounding.  (If the answer is 13.95%, enter 13.95.  Do not put 0.1395 or use the % symbol.

2. King Felix (Seattle Mariner Pitcher) will receive $29,000,000 in the final year of his contract (7 years from now).  If the discount rate is 8% per year, what is the salary worth in today's dollars?  For simplicity assume that he gets the salary in a lump sum exactly 7 years from now.  Don't put any symbols ($ or , ) in your answer.

3.  How much did I just borrow from the credit union if my car payments are 412.56 per month for the next 4 years and the interest rate (on an annual basis) is 3.49%?

4.  If I invest $5,000 and earn 8% per year, compounded monthly for 5 years, what is the future value?

Tutor Answer

(Top Tutor) Saroj N
School: Rice University

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